Fitch rates Rexel program B

Fitch Ratings said it assigned Rexel SA's commercial paper program, aggregating €500 million, a rating of B, and affirmed its long-term foreign-currency issuer default rating at BB-, short-term issuer default rating at B and senior unsecured rating at BB-.

Despite its exposure to the cyclical demand inherent in the construction and industrial sectors, Rexel reported slightly better-than-expected operating results in 2009, the agency said.

Rexel continues to demonstrate its cash-generative profile and its commitment to continuing de-leveraging, Fitch said.

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